Gold Markets Rally Towards Top of Range During the Week

Gold markets have broken above the $1835 level to show signs of strength, but we have pulled back a little bit to show signs of exhaustion. That does not really matter though, because we are at the top of a range that has been very well defined for a while, and quite frankly if you are a longer-term trader, it is difficult to get excited about gold right now. If we can break to the upside, then it is possible that we could go looking towards the $1900 level.

Gold Price Predictions Video 14.02.22

To the downside, the $1780 level underneath could be supportive, as it has been multiple times. Quite frankly, it does not look like gold wants to go anywhere right away but we are forming some type of rounding bottom movement. At this juncture, I think the only thing you can count on is a lot of choppiness but if inflation picks up it is possible that gold could do quite well. However, the same time we are more than likely going to see the US dollar strengthen as there is a lot of fear out there, so I think that continues to keep this market rather sideways, perhaps with a little bit of an upward tilt.

The 50 week EMA is trying everything it can to curl little higher, and therefore one would have to think that there is probably a better shot at going higher, but at this point it is very likely that we going to have to think of this along the lines of a longer-term investment than any type of trade, not even a swing trade for that matter.

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